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China
04.02.24 10:30
Economics

Cultural sector enterprises record remarkable expansion in China

China has recorded significant growth in revenue and profits for major companies in the cultural sector in 2023

According to the National Bureau of Statistics, the 73,000 companies surveyed generated total revenue of 12,95 trillion yuan (about $1,82 trillion) last year, up 8,2 per cent from 2022. This is reported by Prensa Latina, a partner of TV BRICS.

According to Zhang Peng, an official of the institution, the cultural consumption of the public has expanded due to the effective implementation of policies to boost domestic demand in the sector.

Zhang emphasised that internet information services, digital content services and web platforms for culture and entertainment have made significant contributions to these results.

On the other hand, companies representing new business forms, such as providers of portable smart cultural devices, multimedia games and smart drones for entertainment purposes, will earn nearly 5,24 trillion yuan ($736 billion) in 2023, up 15,3 per cent.

Photo: IStock


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